June 3, 2008

Sales hit 10-year low in South Deering

Category: Affordable condos. Posted by Mike at 7:18 pm.

South Deering saw yet another drop in sales during the first quarter. The area has never been one of the largest markets for condos in the city, but had seen a marked increase in sales during the past few years.

After hitting a high of 18 units sold during the first quarter 2004, sales began to drop, Just four units were sold during the first quarter of this year. It was a 50 percent decline in sales from the same period last year.

South Deering is one of the most affordable neighborhoods in Chicago, and just got a lot more affordable. The average sales price for condos sold during the first quarter fell by an astonishing 72 percent from the same period last year, as many potential buyers are unable to qualify for a loan under tightened guidelines from banks and lenders. Buyers could continue to see even lower prices as the inventory of unsold condos on the market continues to inch up.

If you’re selling your condo in South Deering, it will now take you an average of 96 days to find a buyer. While this is not long when compared to other neighborhoods around the city, it is the longest that condo owners and developers have ever had to wait in South Deering.

If you’re looking for a great deal on Chicago Condos For Sale, check out what’s available today in South Deering.

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